Washington Cash Loan
Lending Laws of Washington
The Washington Department of Financial Institutions (WA DFI) regulates payday lenders, cash advances and the payday lending industry within the state of Washington. You will find strict restrictions on all term that is short running in the state:
- Max Loan Length: 45 times;
- Max Loan Amount: $700 or 30percent of month-to-month revenues (whichever is leaner);
- Max Fee: 15% on first $500 and 10% on any amount above $500
Any online lenders that lends to Washington state residents must certanly be certified by their state of Washington and stick to the lending guidelines above.